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Yachts in charter are really dependent on where you are and what you are attempting to accomplish.
I have a boat in charter in the northern great lakes. We have a short season, June to August for chartering basically, and therefore charter revenue to costs cover about half of my yearly nut. The good side is that 1/2 my nut is covered, the bad side is that there are weeks that I cannot sail because someone else is enjoying my boat. Hopefully taking care of it. Also, you have to have other passive income to offset your loss with. The day that I sell my boat business is the day that I get to deduct all of the excess costs and depreciation. Until then, it is my cost.
As to the poster that had many costs not covered that were theft or stupidity, I have not had that problem. Stupidity yes, but the price was at least covered. Losses from the boat have not happened, but if they did the charter company would compensate me and most likely take it from the charterer.
I believe that the only way that charter boat ownership actually covers all of your costs is with the big boys in the Virgin Islands. They have the lenght of season to guarantee it. You get to sail your boat 3-6 weeks a year and deduct some of the trips to check your investment. That is the good side, and you have to offset the revenue with another passive investment to make it work from a tax standpoint. The downside is that after 5 years in a long season charter environment your boat is not going to look pretty. Long time in the sun and the same nice people that rent a Lincoln from Hertz and go off roading will take a toll.
There are exceptions, but the cheaper way to go is to be the charterer. At the end of the day they sail boats longer and for less money than most owners, whether in charter or not. I am still trying to find friends that think they need to own a boat and can't get along without me helping them. Beer is cheaper than mortgage payments. Unfortunately, most of my friends have already figured it out and sail with me.
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